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FICO Credit Scores, Approaching 850 scores Series #5

FICO Credit Scores, Approaching 850 scores Series #5

 

My own FICO-9 score peaks at 832 of 850 possible and I have not applied everything I know. I don’t want to do those two things.

This will be a LONG series of advice and comments. Keep coming back!!

Today’s advice: Never, ever close any of your older credit cards. Generally, I don’t think any cards should be closed unless you opened one in the past couple of years AND your card balances are quite low or zero.

FICO Credit Scores, Approaching 850 scores Series #4

FICO Credit Scores, Approaching 850 scores Series #4

My own FICO-9 score peaks at 832 of 850 possible and I have not applied everything I know. I don’t want to do those two things.

This will be a LONG series of advice and comments. Keep coming back!!

In the previous blog, I gave a fantastic secured credit card possibility up to an $8000 line of credit.

Remember that credit cards achieve much better FICO credit scores when the credit limit is at least $2500.

Some people will be declined for that Comerica secured card because their credit scores are too low and NO other card will give that magical $2500 limit.

What to do?

I suggest a SPECIFIC card to apply for and no other: Capital One. They may only grant you a $250 to $750 limit, but if you have no other open credit cards then this card will help.

Really, don’t bother with other cards, not Credit One, not First Premier, not others. The reasons are from my own experience.

Once that Capital One card has been used and paid to $0 balance for 31 days then try the Comerica card again. Your credit scores may have recovered enough from the Capital One card.

Credit News Series #6 – Alternate Credit on “Experian Boost”

Credit News Series #6 - Alternate Credit on - Experian Boost

 

Experian ‘Boost’ Improves FICO Scores

Experian is offering a new way to get good credit onto your credit reports. This is only useful for people without good, open credit now. Those who have older open accounts do not likely need this.

The product is called Experian Boost. Here is an article on it… Experian ‘Boost’ Improves FICO Scores Via Data

Credit News Series #5 – Increase in Lawsuits on Bad Debts

Credit News Series #5 - Increase in Lawsuits on Bad Debts

Increase in Lawsuits on Bad Debts

There is no question that credit card companies are using vast numbers of people who failed to pay and defaulted on their credit cards.

In my 17 years helping people with their debts I cannot recall such a high percentage of my clients being sued as over the past year or two. Lawsuits have been filed over as little as $900 of debt!

The most important for you to know if you defaulted on a debt and get served a lawsuit: DON’T pretend it didn’t happen. You can have a lot of agonies if you do not face the problem.

You MUST answer the lawsuit, each state gives how many days you have to file your answer to the lawsuit.

Failure to answer a lawsuit will only give the other side an easy time getting a judgment against you. It is called a default judgment.

With a judgment, your wages can be garnished (money taken from your paychecks) or money can be taken from your bank account. If you own real estate then a lien can be placed on the property.

If you cannot afford a debt defense lawyer to answer the lawsuit then look for a paralegal with the correct experience to write an answer for you to file with the court in time. Paralegals should be overseen by a lawyer.  

Collection Account Series #10 -> Collector Deception

Collector Deception

 

Read the entire Series about this subject to understand everything before you DO anything about a collection account because you can seriously harm your FICO credit scores if you don’t study and apply what I know. More is to come!!

A lot of my week is dealing with collection accounts, charged-off credit cards, vehicle repossessions, and money judgments.

A very few collectors are sneaky and deceptive. I recall one company I thought was a collection agency, that they were collecting for another company. The collector made a small little slip in what he said, I almost didn’t notice it.

Then I learned that that company actually bought the debt and owned it. Everything they were telling me about discounts was a lie.

I got 100% off that debt and the deletions. Happy client, happy me.

I can’t train you in everything I know. Then how would I eat?

FICO Credit Scores, Approaching 850 scores Series #3 A Good Secured Card

FICO Credit Scores, Approaching 850 scores Series #3 A Good Secured Card

 

My own FICO-9 score peaks at 832 of 850 possible and I have not applied everything I know. I don’t want to do those two things.

This will be a LONG series of advice and comments. Keep coming back!!

I always advise people get at least a $2500 limit on credit cards approved before opening a new card–if you have to open a new card. For people with poor credit, this can be a difficult goal.

After two credit unions stopped issuing good credit limits to those with poor scores I finally have found an alternative.

Comerica Bank will issue secured credit cards up to an $8000 credit limit.

Call Mali at Comerica Bank 310-275-1343 The card requires opening a Certificate of Deposit. There is a high acceptance rate with 550 credit score and up.

Debt Buyer Collection Account Series #3 Portfolio Recovery Assoc.

Debt Buyer Collection Account Series #3

Debt buyers are a special kind of a collector of debt owed. they buy debts from other companies and then try to collect.

We LOVE working on debt buyers and the bigger the debt the more we love it!

We will get 80% to 100% off the debt AND the 3 credit report deletion almost every time. Debt elimination percentage depends on how big your debt is and at which debt buyer. 

Portfolio Recovery Associates used to be very difficult to get credit report deletions out of. I have had 100% success over the years but it has been HARD work.

Good news for you! PRA recently decided that after you settle the debt and pay they request deletion at all Reporting Agencies. After you pay just dispute it. It should be gone!

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Credit Repair Scams, Truths, Lies and Myths Series #4

Credit Repair Scams, Truths, Lies and Myths Series #4

 

Over the past week, I have investigated a very popular credit repair dispute software.

It is as I thought. The dispute letter templates use language in YOUR name which is untrue.

The letters refer to laws. Fine, but what do the laws MEAN?

I’m not a lawyer but for many years I have discussed legal theories with several top consumer lawyers. I refer many clients to lawyers – who don’t charge when they accept cases by the way.

When dispute letters refer to a section of law it is an ignorant dispute! Why?

It is court cases which determine what the laws MEAN, how the laws are interpreted.

Do you ever watch TV or movie lawyers arguing in front of a judge? Do they read the law or do they refer to cases by name? Right, they refer to cases by name.

Dispute letters which refer to a section of law are as ignorant as they can be.

Even the gigantic credit repair firm Lexington Law uses ignorant dispute letters. Their results are poor yet they generate 30% of all disputes in the country! They know how to market and sell to you–and they’re kind of cheap. What good is “cheap” when results are bad?

Why don’t you use a credit repair company that isn’t ignorant–me?

 

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Credit News Series #4 – Citi Sued Over 2008 Manipulations, $100million

Citi Sued Over 2008 Manipulations, $100million

 

Citibank agreed to pay $100 million for their actions in 2008 to manipulate interest rates. Many state’s Attorneys General sued.

Like the Wells Fargo suits little or none of the money will actually go to the people hurt by the banks’ actions. Money is mostly going to states and cities.

All we can say is “wow”.

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Credit News Series #3 – What’s a Credit/debit Card Skimmer and Shimmer?

What's a Credit/debit Card Skimmer and Shimmer?

Criminals get very clever at how they get your credit card data. Not even the chips in cards protect you. I hate criminals.

Skimmers read your card’s magnetic strip. They are found at mostly at gas stations until gas stations MUST use the card’s chips in October 2020.

Shimmers read the chip. They are hard to see. The shimmer can be used to produce a magnetic strip with your data.

Your card information gets stolen by shimmers and skimmers.

If you report unauthorized card use within 60 days of receiving a statement you aren’t liable for more than a $50 loss.

At the very least, study your credit card and bank statements monthly. Look for transactions you don’t remember.

Or let’s go back to a cash society. The older man in my likes that but its hard to avoid loving 1.5% cash back too.